On October 23, Russian President Vladimir Putin praised India’s remarkable economic growth, citing it as a model for other BRICS nations. His comments came during the 16th BRICS Summit held in Kazan, Russia, where he also expressed his gratitude to Indian Prime Minister Narendra Modi for attending the three-day event.
“All of us talk about the need to ensure high economic growth rates; you [Modi] manage to do this successfully,” Putin was quoted by the state-run TASS news agency. He continued by highlighting India’s 7.5 per cent growth rate, describing it as “an example for many of us.” Putin also thanked India for its initiatives, emphasising the role of India’s progress within the BRICS framework.
The Russian President’s remarks echoed sentiments expressed by senior International Monetary Fund (IMF) officials earlier in the week. Krishna Srinivasan, Director of the IMF Asia Pacific Department, noted, “India is set to remain the fastest-growing economy in the world. We project growth at seven per cent in FY24-25, supported by a recovery in rural consumption due to favourable harvests. Inflation is expected to decline to 4.4 per cent in FY24-25, despite some volatility as food prices normalise.”
In contrast, global economic growth is projected by the IMF to stabilize at 3.5 per cent, showcasing India’s superior growth trajectory.
In addition to his remarks on economic growth, Putin highlighted the robust trade relations between Russia and India during a bilateral meeting with Modi. According to the Russian President’s press service, last year saw bilateral trade turnover reach a record high of USD 56.8 billion, marking an increase of over 60 per cent. This year, trade between the two nations has continued to grow, with a 9 per cent increase in the January-August period, driven by oil supplies, bringing the total trade turnover to USD 37.4 billion.
The discussions underscored the strengthening economic ties between Russia and India, with Putin describing the trade turnover as being in “good condition.” The partnership between the two nations, bolstered by energy cooperation, remains a cornerstone of their bilateral relationship amidst evolving global dynamics.
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